6 ways data science + analytics can help you rapidly address the unforeseen challenges in retail caused by the COVID-19 pandemic
Drive Retail & CPG Insights Faster with Self-Service Analytics from Alteryx
The emergence of new channels has changed the way customers interact and shop. To engage smart-device toting, always-on consumers, retailers need to better understand their preferences, anticipate demand changes faster, and personalize communications and promotions – all to stay ahead of the competition. In this fight for customer attention, data is both the biggest ally and the biggest challenge for retailers.
Alteryx enables retail analysts to derive deeper insights about customers, transactions and operations, across all channels, without any coding or IT intervention.
Modern marketing exists today to help retailers understand their consumers while leveraging multiple sales channels, such as brick and mortar, social media, and e-commerce.
The Alteryx Platform allows users to leverage Big Data from a variety of sources and move from their traditional spreadsheet limitations into the drag-and-drop canvas of Designer, performing powerful analyses in minutes. In addition, using predictive analytics has never been easier. Through our assisted modeling capability, you can compare models and find the one that best matches your business. Want to share actionable intelligence with colleagues? No problem. Alteryx Promote and Sever allow your analysis to be automated, scaled, and shared with others across the globe.
Deliver real-time merchandising for the next generation of retail.
Merchandising has traditionally centered on offering the right product, at the right time, at the right price. Now, with the rise of e-commerce and social media channels, the buying decision has accelerated from hours to seconds, making it necessary for retailers to use analytics for real-time merchandising.
The ability to leverage a category management position for Consumer Packaged Goods represents access to vital retailer information that can be optimized to grow the brand and capture additional market share.
Supply Chain Analytics in Retail
Supply chain optimization and management can bring huge bottom-line savings and efficiency to your organization, yet many still waste hours on outdated solutions. Download the Supply Chain Starter Kit and get up and running with repeatable workflows that will put your analysis on autopilot so you can focus on optimizing other aspects of the supply chain process.
Alteryx puts the power of supply chain analytics directly in the hands of your retail analysts, forecasters and inventory planners so they can:
- Accurately Forecast Demand: Access and combine all relevant data — sales, marketing, seasonality, economic and more — to generate reliable demand forecasts
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- Manage Inventory: Access and combine all your inventory data — in stores, DCs and shipments, and segment inventory by turns, seasonality and cost etc. for complete inventory visibility and optimal threshold levels and replenishment plans
- Optimize Distribution Network: Forecast trade area demand, geocode store and customer locations, calculate distance, drive times, and perform what if analysis to understand impact of store closings/openings on transportation & facility costs, SLAs and lead times
- Improve Supplier Performance: Rank and segment suppliers based on price, on-time delivery, quality and performance to consolidate spend and rationalize supplier base
Retail Operation Analytics
The performance of retail operations depends on a multitude of factors, including where you locate your stores, how well you manage labor, and how closely you monitor and manage store performance. So it is no surprise that savvy retailers rely on retail operation analytics to improve site selection, synchronize labor availability with demand, and optimize performance.
Empower your store operations analysts, financial analysts, and GIS/real estate managers with retail operation analytics from Alteryx to help:
- Improve Site Selection: Forecast sales by location, analyze impact of existing stores — both sister and competitive — on new store sales, determine market potential by drive time, trade area demographics, and population trends to identify most profitable locations and optimize trade area expansion
- Optimize Labor Scheduling: Accurately forecast in-store labor demand based on planned promotions, seasonality, local events and competitive activity, measure and track impact of labor changes on performance, inventory turns and sales volume to adjust and optimize labor schedules and costs
- Manage Store Performance: Track and monitor standard performance metrics, determine impact of promotions, refurbishments, competitive activities etc. on store performance, compare results with other sister and competitive stores in local area, and share results via easily consumable graphics